The Solana-based platform Pump.fun fee wallet recently offloaded 40,000 SOL tokens worth $6.68 million.
Pump.fun is a user-friendly memecoin generator on the Solana blockchain that allows anyone to create and distribute tokens, primarily memecoins.
According to blockchain analytics tool Lookonchain, the Solana-based memecoin platform has generated total revenue of 969,945 SOL ($162 million), selling 503,343 SOL ($78.7 million) at an average price of $156.4, making it one of the most profitable protocols this year.
Pump.fun’s success has helped boost its reputation in the Solana ecosystem, attracting interest for its memecoin launch strategy.
While SOL has been one of the top-performing altcoins over the past year, the asset has experienced market declines.
The price of SOL has increased by over 9.3% on the weekly chart. The world’s fifth-largest cryptocurrency rose 0.34%, changing hands at $166.20.
Is Pump.fun Pressuring Solana’s Price?
According to data from Solscan, the memecoin launch platform could introduce selling pressure, as its fee account currently holds an additional $47.9 million worth of SOL. Although, the sales did not affect the price of the crypto asset.
Popular crypto trader and podcast host Luke Martin noted that the rally of the Solana token stalled and became stagnant once users began launching meme tokens on Pump.fun.
According to a chart shared by crypto trader Satoshi Flipper in an X post, Solana’s next significant target may be the $200 level.
Kendrick Predicts a 5X Solana
In recent times, analysts have predicted the price of SOL. For instance, Geoffrey Kendrick, Global Head of Digital Assets Research at the British multinational Standard Chartered, says Solana could increase by 5X by the end of 2025 if Donald Trump wins the United States presidential election.
Kendrick further noted that Solana could also outperform Bitcoin and Ethereum upon Trump’s emergence as president of the U.S. since his economic policies and administration will create a conducive environment for Solana’s expansion, potentially leading to a significant price increase.
